South Africa’s Cryptocurrency Platform Coindirect Raises USD 1.14 Mn in Funding

South Africa founded cryptocurrency startup Coindirect has announced that it has raised USD 1.14 Mn in round funding.

The firm divulged that the round was led by London-based investor Concentric. Blockchain.com and US-based MakerDao also took part in the investment.

The funds will be channeled to expand the business in the African market as well as Europe.

“In the immediate future we’re looking to launch in Nigeria, followed by Kenya, Ghana and other key African countries. Globally we’re going to be launching in the United Kingdom, followed by offering users the ability to buy crypto using credit cards from anywhere in the world,” stated the Coindirect COO Haralambous.

Haralambous was positive that with the key partners the platform has, Coindirect will be closer to achieving mainstream adoption of cryptocurrency in Africa and beyond. Concentric investor Alexander Mann maintained that Coindirect is in a strategic position to expand its distribution both in Africa and across the globe.

The platform founded by South Africans; Donald Jackson, Jesse Hemson-Struthers, Nicholas Haralambous, and Stephen Young was established on the belief that cryptocurrency is the enabling tool that will transform the manner in which people engage with and use money.

The Coindirect platform makes it possible for users to buy and sell cryptocurrency using traditional local fiat currency wherever they are using their mobile device or desktop browser. It currently claims to support over 40 different cryptocurrencies.

Feature image courtesy: coindirect.com